Warning to anyone who uses cash machines as number of free ATMs plunges
The number of free-to-use ATMs has dropped by around 15,000, a new report has found.
In the UK, the total number of free to use cash machines currently stands at 37,836, down from over 53,000 in 2018. This is a 30% decrease say the Association of Convenience Stores, the organisation that commissioned the research as part of its Access to Cash Tracker.
This uses official figures published by LINK every month on the access to cash provision throughout the UK. James Lowman, CEO of the ACS, said convenience stores are being forced to either remove their free-to-use ATMs or change to a chargeable model because they are not financially viable.
This is despite the “vital role” retailers play in providing customers with access to cash, especially in the wake of bank branch closures. According to Link, 242 bank branches will shut by the end of this year.
Mr Lowman said: “Cash is still an incredibly important payment method for millions of people in the UK and is used by many customers as a way of managing their money. Convenience stores play a vital role in providing customers with access to their cash, especially with the closure of bank branches in communities, but many members have told us that they are being forced to either remove or change their free to use ATMs because they’re just not financially viable."
Lloyds and Halifax to shut 40 more banks this year - see full list of branches
Kerry Booth, chief executive of the Rural Services Network expressed concern about the new figures and the impact it has on people living in rural communities, often without a bank branch for miles. She said: “The Rural Services Network is concerned about the reduction in availability of cash for rural residents.
"While the Government has committed to people and businesses being no more than three miles away from a place that they can withdraw cash, reducing ATMs mean that in reality it is becoming more difficult for rural residents to access cash."
In May, it was revealed that free-to-use cash machines would be protected under the Financial Services and Markets Bill. The aim was to ensure that people have access to cash via ATMs or banks within a reasonable distance and do not have to pay to take out their own money.
Following the latest news, the ACS has called on the Government to review the level of the interchange fee which is set by LINK to cover the operation and management of ATMs.
Ron Delnevo, chair of the Payment Choice Alliance told The Mirror: “The fall in ATM numbers is particularly bad in smaller towns, where sometimes the numerous of cash machines has fallen from 20 to only 1 or two. People now have to hunt for the last ATM, rather than having convenient access wherever they shop.
“The Big five High Street banks have the cheek to claim that they can close their ATMs - and branches - because no one is using cash anymore. This is quite simply nonsense. The much reduced ATMs network is continuing to deliver 70% plus of the cash used by the public pre pandemic - and the use of cash for payments actually went up by 8% last year.
“Over 90% of the public told YouGov in June this year that they still use cash on occasion and definitely do not want a “cashless” Britain.”
Read more similar news:
Comments:
comments powered by Disqus
